RDIF and TAQNIA announce cooperation on project of organizing commercial launch services for small spacecrafts
Riyadh, October 14, 2019 – The Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, and the Saudi Technology Development and Investment Company (TAQNIA), announce their cooperation on a project of organizing commercial launch services for small spacecrafts.
The agreement was signed today during the visit of Russian President Vladimir Putin to Riyadh.
The parties will coordinate their joint efforts on preparing and investing in the development of technologies for launching small spacecrafts into low Earth and solar-synchronous orbits and their commercial use in the interests of the Russian Federation and the Kingdom of Saudi Arabia, where small space satellites will be used as payloads. In addition, the agreement provides for research and production cooperation of Russian and Saudi Arabian specialists under the project.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said:
“The development of space technologies is a priority for KSA and is an area that we are pleased to create new opportunities for cooperation. Our investment partnership with TAQNIA, including staff training and the joint design and development of space technologies will enable the Fund and partners to lay the foundation for implementing large-scale commercial launch projects”.
HH Dr. Turki Bin Saud Al Saud, Chairman of the Saudi Technology Development and Investment Company (TAQNIA), said:
“We are pleased with the progress of our partnership with RDIF on the project which marks our entry to the small satellite launch market. The agreement is congruent with TAQNIA’s vision to foster international cooperation, build local capabilities and diversify the Saudi economy in line with the Kingdom’s Vision 2030”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40bn. Further information can be found at www.rdif.ru
The Saudi Technology Development and Investment Company (TQANIA) was established in 2011 and focuses on cutting edge technology investment and innovation. The company aims to accelerate the development of modern technologies and industries locally by working alongside with other ecosystem players in the Kingdom. With nearly a decade of experience, TAQNIA today leverages its global network of experts and advisors, deep rooted partnerships with research institutions, technology providers and investors as well as its multidisciplinary talent spanning various skills to enable local companies and help improve productivity and create value by incorporating cross-sectoral technologies, specifically Industry 4.0, Information 4.0, Smart energy, MedTech, Smart mobility, Advanced materials and Aerospace. TAQNIA, in line with Vision 2030’s clear articulation of Saudi Arabia’s ambition to become a global innovation hub, сo-creates and sponsors innovative and disruptive concepts, products and businesses in collaboration with corporates across their value chain. This is achieved through TAQNIA’s active role in incubating, accelerating, commercializing and investing in innovative ideas and IP created by local entrepreneurs & research institutions.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Leach / Maria Shiryaevskaya
Tel: +44 (0) 20 7796 4133